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Term Definition
Backup ContractContract to buy real estate that becomes effective if a prior contract fails to be consummated.
 
Balancesee Principal Balance.
 
Balloon LoanLoan that has level monthly payments that will amortize it over a stated term but that requires a lump sum payment of the entire principal balance at the end of a shorter term.
 
Balloon PaymentAn installment payment which is larger (most often much larger) than the other scheduled payments. It is usually the last payment. If a note is written for $50,000 at a fixed 9.0% rate of interest with payments based on an amortization schedule of 30 years and a balloon payment due in 5 years, the first 60 payments will each be $402.31 (the normal payment for a 30 year loan at 9.0% interest) and the last payment will be $47,940.15 which will be the outstanding balance remaining after the 60th payment.
 
BankruptcyThe financial inability to pay one's debts when due causes the debtor to seek relief through court action.
 
Bankruptcy DischargeThe release of a bankrupt party from the obligation to repay debts that were or might have been proved in a bankruptcy proceeding.
 
Basis PointOne-hundredth of 1 percent.
 
BeneficiaryThe person who receives or is to receive the benefits resulting from certain acts.
 
Bilateral ContractA contract under which each party promises performance.
 
Bill of SaleWritten instrument given to pass title of personal property.
 
Biweekly MortgageA mortgage that requires payments every two weeks and helps repay the loan over a shorter term.
 
Blanket MortgageA single mortgage which attaches to more than one property.
 
Board Of EqualizationA state board charged with ensuring that local property taxes are assessed in a uniform manner
 
Board of RealtorsA local group of real estate licensees who are members of the state and national association of Realtors.
 
Bona FideIn good faith, without fraud.
 
Bond(1) Written promise by the issuer to pay the face amount at the maturity date. (2) Cash or property given to assure performance, e.g., a contractor deposits a performance bond to assure that construction will be completed by a stipulated date.
 
BootMoney or property given to equalize an exchange of dissimilar properties.
 
Breach of ContractViolation of the terms of a legal agreement without legal excuse; default; nonperformance.
 
Bridge LoanShort-term loan between the termination of one loan and the beginning of another loan.
 
BrokerAn individual who acts as an intermediary between two or more parties for the purpose of negotiating a transaction agreeable to all of the parties. In lending, the broker arranges and negotiates loan amounts, interest rates and loan terms between borrowers and lenders. Depending on the type of loan, the state wherein the transaction is occurring and contractual arrangements, the broker may represent the borrower, the lender or not have a fiduciary responsibility to either. (See definition of "fiduciary responsibility" below.).
 
Building PermitPermission granted by a local government or agency to build a specific structure at a specific site.
 
Bundle of RightsOwnership in real property implies a group of rights, such as the right of occupancy, use and enjoyment, the right to sell in whole or in part, the right to control the use, the right to bequeath, the right to lease any or all of the rights, the right to the benefits derived by occupancy and use of the property, etc.
 
Buy DownA payment of discounts points in exchange for a lower rate of interest. It has the effect of providing the lender with a greater yield today in exchange for a lower yield in the future. (See definition of "discount points" below.).
 


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